The biggest challenge for the entrepreneurs is to reduce poverty in India
Poverty is thus considered as an artificial, external imposition on the human being; however it is not innate in a human being. And since it is considered as external, it can thus be removed. It is thus just a question of doing it.
It is thus an undeniable fact that poverty is considered as the single greatest source of national shame for India. Poverty is thus a complex issue, and all the complex problems however require imaginative solutions.
Despite of we saying that said there are certain government initiatives - Aadhaar, Skill Development Program, Jan Dhan, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and also Housing for All - which however are considered as inspiringly imaginative ideas which thus cohesively create the building blocks for however winning the battle against poverty. But there is something which we are however missing.
The purpose of this article is to make the reader aware as to how is poverty considered as the biggest challenge for the entrepreneurs .
Entrepreneurship is thus considered as the key in order to fight poverty. One must thus also create more and more jobs, give employment to also more and more people which in turn will however help in reducing poverty..
Also , entrepreneurship thus helps to fight corruption by:
- Bringing the communities such as lokpal
- Imposing the limitations of the gov. offices
- Making the officers accountable
- Scorecards for the state performances
Financial inclusion is however considered as incomplete without any access to the great financial products.
While lack of awareness is considered as a culprit, perhaps the bigger culprits are thus many systemic flaws and also some of the myopic regulations which however make it virtually impossible for the poor people in order to access and aso consume financially empowering products. One of the biggest reasons as to why the financial products have thus such limited penetration is because the companies thus do not find low value customers in order to be profitable, and thus therefore do not invest in order to expand their reach.
However the success of the initiatives by the government which is Jan-Dhan, PMJJBY and PMSBY schemes thus prove that there is a merit in however creating an ecosystem which thus takes simple products to the masses. A ‘shared utility’ that however helps in order to create a large distribution network by thus distributing the costs across the manufacturers and the industries, could thus be one solution for reducing poverty with the entrepreneurial initiative . Kirana stores however already do this for the FMCG products.
While a shared utility thus naturally tackles all the problems of Access, it must however also be empowered with the certain characteristics in order to make it a success.
First of all the financial products thus represent a classic case where a simple and a powerful benefit thus gets lost in a barrage of its complex delivery. This is thus because we generally cannot expect a common man in order to even consider buying something such as complicated as an “Ultra Short Term Debt Fund”? If we however want great financial products in order to reach the masses, we must thus simplify both the product and also the process so that anyone can however on-board a customer. This thus also requires innovation and also regulatory relaxation and we thus must also be open to the new ideas. An individual who however has a Jan-Dhan Aadhaar linked bank account thus with a registered mobile should however be able to start investing in the mutual funds in 2 minutes.
Secondly, none of this will really matter, if we can't make the sellers of the financial products, sell to the poor. Today the commissions are however percentage based which thus make the sellers chase the rich. A flat fee structure would also provide reasons to the sellers in order to chase the low value customers.
Also one of the solution to our problem is that we however require innovation, which is thus not only in what we harness as technology but thus also in freeing up our thinking to the way in which we however approach problems.
We should thus look at the fact of lowering the cost of doing business for the companies – which thus ends up getting passed on to the consumers in the form of cheaper products, which however in turn impact the adoption. The JAM (Jan-Dhan, Aadhar, Mobile) trinity coupled which is however with the Start-up India and also Innovation, can thus help in order to take the transaction costs towards zero – which however makes the ticket size of a customer irrelevant.
We should however have a clear, transparent metrics in order to track the progress in the battle which is against poverty and if we are failing we should however course for the correct option. The battle which we all indians are fighting against poverty should thus unite also all the political parties with however no one claiming the credit and on that also no blame games.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, Section 8 company registration, Nidhi company registration, IEC registration.
About LegalRaasta
LegalRaasta is a technology platform to simplify legal and business related matters. We are committed to helping startups and small business owners in solving legal compliance related to starting and running their business.Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man.
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